But Andy wises up and switches to scissors Now Andy wins every time. So, in the beginning, Andy loses every time. (Andy’s a geologist.) Bob likes paper (he’s a journalist). Suppose Andy starts out by always flashing rock. Andy and Bob each bet $1 on the outcome of a large number of RPS games. RPS is an excellent game for illustrating some basic principles of game theory. Rock crushes scissors, scissors cuts paper, and paper covers rock. Each player simultaneously forms one of three possible shapes with an outstretched hand: rock, paper, or scissors. It’s essentially a theory of optimized adjustment.Ĭonsider Rock-Paper-Scissors, a simple game played between two players. Game theory is only concerned with strategy games between at least two competitors, where each player’s strategy can be adjusted to adapt to his opponent’s strategy. Game theory is a mathematical theory of games, but it doesn’t cover every type of game.
Nevertheless, it’s important to know the correct GTO play, especially when the stacks are short. Our true goal should be to maximize our profitability, which usually means playing exploitatively. Although our play would be unexploitable, we may be passing up a more profitable option one which exploits our opponents’ errors. Consequently, we may not want to make the GTO play, even when we know what it is. GTO is not necessarily the most profitable play it’s just the play that is unexploitable by our opponents. “Game Theory Optimal” is actually a misleading term. Pundit believes has the highest expected value for the hand. They might better be described as the “statistically optimum” or “mathematically correct” play, the one Mr. Poker pundits often refer to a particular play as the obvious GTO (Game Theory Optimal) play “Phil’s raise is the GTO play to make here.” But rarely do these decisions have anything to do with game theory. Game theory is a very robust field of mathematics, but its real-world poker applications are usually difficult to apply. These articles are based on my newest book, Lectures on Poker, Volume 1: Small Stack Tournament Strategy.
#SHORT STACK SERIES#
This is the first in a series of articles introducing my GTO Holy Grail Algorithms. “The rule is, jam tomorrow and jam yesterday, but never jam today.” Lewis Carroll
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